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Viet Nam's public debt falls to 37% in 2023

Viet Nam's public debt in 2023 reached VND3.8 quadrillion, equivalent to 37 percent of gross domestic product (GDP), according to the Ministry of Finance.

Posts Huong Giang

January 01, 2024 6:45 PM GMT+7
Viet Nam's public debt falls to 37% in 2023- Ảnh 1.

The facade of the Ministry of Finance's headquarters in Ha Noi capital

The above figure is well below the 60 percent cap targeted by the National Assembly and is VND200 trillion lower than the ministry's October estimate.

Meanwhile, the Government's debt was around 34 percent of the GDP, comfortably below the 50% limit.

The country's debt structure remains positive, in which foreign debt has decreased while domestic debt accounts for 71 percent of the Government's debt, said Minister of Finance Ho Duc Phoc.

Last year's budget deficit was estimated at below 4 percent, totaling US$17.2 billion, below the legislative body's initial whole-year limit of 4.42 percent, according to Ho.

The country has increased investments in infrastructure by over VND760 trillion, which represents 35 percent of the total state budget for public investment and is 1.5 times higher than that in 2022./.